Claim and Risk Managers are continuously searching for new solutions to automate the claims process and increase organization for their employees. With the constant change in the insurance software technology industry to update aging systems, solution providers are now offering updated services for clients by the dozens. Claims management software now includes newer capabilities, to consolidate multiple lines of business to gain efficiencies, and to enhance customer service. As companies are making these major enterprise decisions, this process can become complex and confusing. Pay attention to these features while browsing Claims Management software reviews.
The efficiency of Claims Management
Handling claims efficiently and accurately is essential to keep customers satisfied and improve a company’s overall performance. As claim management software manages the claim process, starting from First Notice of Loss (FNOL) to final settlement, reviewers should show that the system effectively managed each claim. Making sure that the software helps with the organization of all file activity and easily maintains reports and correspondences should be a deal-breaker in your decision-making process. Improving workflow productivity with faster access to claims data will be a major plus for employees to operate with efficiency. With an efficient claims management system in place, companies are able to manage risk more effectively and settle legitimate claims faster.
Easily Documenting and Maintaining File Activity
The scenario that takes place from first notice of loss (FNOL) to claim assessment and processing should be fully documented for later use. A key factor in a claims management software review should show that each claim can be maintained by the software’s document depository. Your claim data should be properly retained for future reference.
Security and Confidentiality
Claims information should always be kept secure and safe with the use of multi-level access passwords and encrypted data. All users should be given unique ids and passwords. No plain text version of any password should exist. If the claims management software gives users the option to reset a password while viewing an old password, that is an immediate red flag for an unsecured system. Data to and from the user should always be encrypted using standard SSL encryption to guarantee a secured network. Additionally, user access rights, authority levels, and hierarchy relationships with management for over-the-limit approvals are a necessity.
Incorporating other software products like Microsoft Excel and Outlook helps to assist with the management of claims data. These new capabilities will give options to export/transfer claims data, handle each claim quickly, more efficiently, and can automate the process. An automated process is the most ideal setup for a claims management system and reduces any chance of error. Working with an integrated system provides ease in just a few clicks to manage claims, eligibility, benefits, reports, and notes with the most up-to-date system.
As companies embark on finding the most optimal claims management software, make sure a clear idea of what is needed to successfully manage all claims has been established. Quality customer service and employee productivity should be provided by the claims management software. This helps insurers and risk managers to enhance their service and gives them a competitive edge over other companies.
JDi Data Corporation has provided insurance claims software since 1992. Our product suite includes workers’ compensation software and claims management systems for property and casualty, medical malpractice, and specialty lines to be administered by insurers, risk managers, and third-party administrators. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.